Everyone loves a vacation but when taxpayers attempt to deduct vacation travel expenses as business expenses, the IRS denies the deduction. The IRS Code requires a higher substantiation threshold for travel than for other business deductions. Therefore, it is important to understand the criteria for deducting business travel, especially when a trip is a

It is possible to make some travel also a charitable deduction. But you need some cooperation from the charitable organization. For instance, if you gave money to a not for profit choir and they needed chaperones to go with the choir, even as far as Europe. The choir could pay for yur trip to go

  At this point in 2013, there is still time to minimize your taxes.   Consider converting your unincorporated partnership or Schedule C to a Sub S company to minimize payroll taxes. Yes you do have to pay some salary and incur some payroll taxes to avoid the IRS re-characterizing all net income as subject

Mitigating high tax rateThe newly raised individual income tax rate of 39.6% refers to the marginal tax rate for the portion of taxable income over $400,000 for single taxpayers ($450,000 for married filing jointly). The 39.6% tax rate does not affect the taxable income below this amount. The portion of taxable income below this threshold

The Healthcare Act imposes a new 3.8% net investment income tax on net investment income only on those investors who have net investment income and also have high adjusted gross income exceeding a threshold amount ($250,000 for married taxpayers filing a joint return and $200,000 for single taxpayers and heads of household). It is not

The American Taxpayer Relief Act of 2012 (the Relief Act)  made many tax law changes, such as changes in the ordinary income tax rate, qualified dividends and long-term capital gains tax rate, Medicare tax rate, and estate and gift tax rate. It is not a tax relief act except to the US treasury which will